New Year Resolutions
- January 29th, 2024
- David Greene
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Well, Christmas is over and we have rung in the New Year. During this past week many people made New Year resolutions. Did you make any? Most of these deal with either working on a healthier and better body or…
What is the difference in a levy and a lien?
- December 1st, 2023
- David Greene
- Comments Off on What is the difference in a levy and a lien?
A tax lien is a document recorded at the county register of deeds office which simply states that the individual owes the IRS the amount of money stated on the lien. If the person named sells real property, that lien…
Is an LLC automatically taxed as an S-Corporation?
- November 29th, 2023
- David Greene
- Comments Off on Is an LLC automatically taxed as an S-Corporation?
The answer to this question is no, you have a choice. When the LLC is formed, you choose how the LLC is to be taxed. A single member LLC can be taxed either as an S-Corporation or as a Sole…
Can I be taxed in retirement? How?
- November 21st, 2023
- David Greene
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There are six primary ways you can be taxed in retirement: (1) Traditional IRA or 401(k) withdrawals – this money is always taxed as ordinary income when taken out; (2) Social Security benefits – whether or not taxed depends on…
Do I have to pay a gift tax on the money given to my wife and me for our wedding?
- November 18th, 2023
- David Greene
- Comments Off on Do I have to pay a gift tax on the money given to my wife and me for our wedding?
That is a good question, with an easy answer. You, as the receiver of the gift, do not pay the gift tax. The donor pays the tax. However, anyone can give an individual a gift of money, property or any…
Does the donee of a gift ever have to pay gift tax?
- November 13th, 2023
- David Greene
- Comments Off on Does the donee of a gift ever have to pay gift tax?
Unfortunately, the answer is sometimes yes. This happens if the donor does not pay the tax or properly file a gift tax return. This usually happens when is deceased because that is usually the only situation where the IRS pursues…
Does refusing an IRS certified letter cancel it?
- October 10th, 2023
- David Greene
- Comments Off on Does refusing an IRS certified letter cancel it?
Unfortunately, the tactic you propose will not work. In state court, I must serve a defendant either in person or through certified mail restricted delivery. If by mail, the defendant must sign the receipt or the service is not valid. …
Tax tips for starting a new business.
- September 14th, 2023
- David Greene
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Everyone should be smart and think about preventing trouble instead of having to think about getting out of trouble. Many owners of small businesses know how to make or sell their product, but do not know how to keep good…
Can tax payments be paid electronically?
- August 31st, 2023
- David Greene
- Comments Off on Can tax payments be paid electronically?
Yes they can. I would like to state first though, that one should always use certified mail to send anything to the IRS. That way you get the green card back, which is proof that they received it. However, since…
Is the Fresh Start Prpogram still available? What is it and does it really help taxpayers?
- August 28th, 2023
- David Greene
- Comments Off on Is the Fresh Start Prpogram still available? What is it and does it really help taxpayers?
The Fresh Start program is still active does help many taxpayers but not all. It is designed to help those with smaller amounts owing in delinqueat taxes. Basically the program provides relief for taxpayers owing less than $25,000 in delinquent…